Bitcoin price has spent several days correcting the weekend’s initial surge higher. Today price looks to be continuing advance.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC Tuesday
Bitstamp 1-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
After a two day wait the next 1hr MACD signal has formed.
Despite its energetic initial surge the advance is turning out to be tedious. The market is not actively bullish and there is a lot of mutual buying and selling in mediocre volume. Nonetheless, we’ve seen buy signals in the 1day and 4hr candle charts and we trade them. Advance may accelerate or continue along a gradual trajectory for weeks.
Probably due to its initial lag, the Bitstamp chart has been playing catch-up to the other exchange charts today. It’s 1hr MACD buy signal is already confirmed while the other exchanges will give valid signals only after additional upside or after another 2 or 3 hourly candles have printed.
The weekend’s surge looks to be pushing higher again. The advancing scenario has targets at $680 and $720.
Bitstamp Depth Chart and Buy/Sell Volume
What do readers think? Please comment below.
Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.
The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.
Bitcoin price charts from TradingView.
Image from Shutterstock.